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What the M

What the M

By: Kent D. McPhail and Stephen M. Hladik
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 Do you ever wonder who is behind the scenes collecting and processing all those monthly mortgage payments throughout the entire country? In the world of residential mortgages, the mortgage servicing industry is a critical but not always visible player in the lending and home ownership process. Unveiling how mortgage servicers manage the residential homeownership industry is the concept behind “What the M,” a new podcast that discusses the complex issues facing default services and the path forward for the mortgage industry and homeowners alike. The industry is comprised of more than 160 mortgage servicers representing more than 80% of the outstanding principal balances on mortgages in the U.S. Without the involvement of these vital mortgage servicers, obtaining and maintaining a home mortgage as we know it would not exist.“‘What the M’ features industry movers and shakers discussing the challenges faced by mortgage servicers, law firms and the American homeowner,” said Stephen Hladik, one of the co-hosts for the podcast and chair of the Advisory Council of the Legal League 100. “We will discuss trends in the economy, regulatory oversight, changes in the law, changes in technology and a myriad of other factors affecting the industry.”Hladik and co-host Kent McPhail are experienced attorneys with multistate practices in the default servicing industry. Both have decades of experience representing secured creditors; however, each host brings his own unique perspective to the podcast. McPhail hails from the Deep South (think boiled peanuts and shrimp & grits), while Hladik hails from the Northeast (think cheesesteaks and scrapple). “With this Yin and Yang, we hope to bring an entertaining and informative approach to the industry and those who make it hum,” McPhail said.Episodes of “What the M” begin airing mid-September and can be found wherever you listen to podcasts.© 2025 What the M Economics
Episodes
  • Episode 57 - Steve Hladik talks FAPA

    Episode 57 - Steve Hladik talks FAPA
    Oct 13 2025

    In the 57th episode of “What The M,” hosts Kent McPhail and Steve Hladik dive into the Foreclosure Abuse Prevention Act (FAPA). Steve, taking the guest seat, breaks down what FAPA is, why it was enacted, and how its retroactive application has created major challenges for lenders, investors, and servicers. From constitutional implications under the Takings Clause to ripple effects on the secondary market and loan originations, Kent and Steve explore how this controversial law could change the mortgage industry across the country.

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    A huge thank you to our Season 4 sponsor, Black Dome Services. Black Dome Services is a next-generation property services provider, offering a comprehensive range of services tailored to the unique needs of their clients. From property inspections, preservation, maintenance, renovations and various other interior and exterior property related services, you have a trusted leader dedicated to delivering exceptional results and maximizing the value of your properties. For more information, please visit their website at www.blackdomeservices.com or email Vic Draper at Victor.Draper@blackdomeservices.com.

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    27 mins
  • Episode 56 - Michael Merritt

    Episode 56 - Michael Merritt
    Sep 29 2025

    The 56th episode of What the M features Michael Merritt, Senior Vice President of Customer Care and Default Mortgage Servicing at BOK Financial.

    A longtime friend of the show is back for his 3rd visit! Michael Merritt has returned to What the M. This time around, he is here to share his thoughts on the topic of the new HUD bidding guidelines and their impact on the industry. Michael is the Senior Vice President of Customer Care and Default Mortgage Servicing at BOK Financial. Michael attended Arizona State University, where he got his BA in Organizational Leadership (Go Sun Devils!) He then received his MBA from Texas Tech and his Master’s Degree in Legal Studies from Texas A&M. Michael worked at Nationstar Mortgage and Goldman Sachs prior to moving to BOK.

    Welcome BACK to What the M, Michael!

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    A huge thank you to our Season 4 sponsor, Black Dome Services. Black Dome Services is a next-generation property services provider, offering a comprehensive range of services tailored to the unique needs of their clients. From property inspections, preservation, maintenance, renovations and various other interior and exterior property related services, you have a trusted leader dedicated to delivering exceptional results and maximizing the value of your properties. For more information, please visit their website at www.blackdomeservices.com or email Vic Draper at Victor.Draper@blackdomeservices.com.

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    41 mins
  • Episode 55 - LeAllen Frost

    Episode 55 - LeAllen Frost
    Sep 15 2025

    The 55th episode of What the M features LeAllen Frost, Executive Vice President & Deputy General Counsel - Head of Litigation at Pennymac.

    It’s that time again… for a new episode of What the M! Kent and Steve are excited to be joined by LeAllen Frost, Deputy General Counsel at Pennymac—a top lender and servicer that has helped more than five million homeowners achieve their aspirations of homeownership.

    In this episode, Kent, Steve, and LeAllen take a closer look at the legal side of mortgage default servicing: how regulation is evolving, how borrowers are impacted, and what the future holds for compliance, risk management, and innovation within the industry. LeAllen shares insights from his extensive career, offering a unique perspective on the future of mortgage servicing. Tune in for an engaging discussion on the legal intricacies and innovations shaping the industry today!

    With 20 years of experience in the mortgage industry, LeAllen Frost is a seasoned and versatile litigation, regulatory, and compliance counsel who handles class action litigation, regulatory investigations, and employee management. He is passionate about providing effective and efficient legal services to Pennymac, public speaking and legal education. LeAllen founded and organizes the Mortgage Servicing In-House Counsel Forum, a network of mortgage attorneys who host conferences and CLE events focused on legal issues related to mortgage and consumer finance. He is also a regular speaker at industry conferences, and teaches legal writing training to corporate departments and law firms.

    Welcome to What the M, LeAllen!

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    A huge thank you to our Season 4 sponsor, Black Dome Services. Black Dome Services is a next-generation property services provider, offering a comprehensive range of services tailored to the unique needs of their clients. From property inspections, preservation, maintenance, renovations and various other interior and exterior property related services, you have a trusted leader dedicated to delivering exceptional results and maximizing the value of your properties. For more information, please visit their website at www.blackdomeservices.com or email Vic Draper at Victor.Draper@blackdomeservices.com.

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    35 mins
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